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5 min read Published September 15, 2022
Written by Allison Martin Written by

Allison Martin's work started over 10 years ago as a digital media strategist. Since then, she's been published in several leading financial publications including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances through providing precise, well-researched and detailed data that break otherwise complicated topics into bite-sized pieces.









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While the cost of a car will guide you towards the model and model that's suitable for you, it's not the only expense you need to be aware of prior to purchasing the vehicle. Maintenance and repairs, fuel automobile insurance, as well as annual registration renewals should also be considered when deciding which car is best suited to your budget and needs. How can you estimate the real cost of owning a car To determine the true price of ownership of a vehicle, you'll need to consider various factors, such as maintenance and repairs , gas expenses registration fees, taxes and car depreciation. By doing your research ahead of time you won't be frightened by the long list of fees and will know that you can truly afford what you are driving from the parking lot. Maintenance and repairs scheduled maintenance can cost less than $100 for each visit, but the price can be higher with older cars. You can determine the average costs according to your vehicle's type, make and model as well as the mileage. Today's vehicles can cover over 5,000 miles between regularly scheduled maintenance visits, it's a bad idea to stretch the time between maintenance visits in order in order to save money on maintenance costs. It is recommended to follow the manufacturer's car maintenance schedule found in the owner's manual of your vehicle to get maximum life out of your car and ensure that the manufacturer can't void the warranty of your new vehicle. Car insurance While not all 50 states require their drivers to purchase insurance on their vehicles, for the majority of drivers, it's an essential factor when determining the actual costs of owning a car. Insurance can save you tens of thousands of dollars in the event of a collision and the average car owner has to pay . The most effective method to estimate your auto insurance costs is by looking at quotes from several firms. The price of your insurance may vary according to your age, accident history and mileage per year as well as gender, the type of vehicle you own and more. Gas costs The price at the pump can vary because of demand, taxes and the location. If you're a potential car purchaser you can plan for the expected cost by looking at your car's fuel economy on . A "good" fuel efficiency for non-hybrid vehicles is between 20 and 30 miles per gallon. On the other hand, hybrids and electric vehicles could achieve 50-100 miles per gallon or more, according to . You should also consider the fuel octane and kind of fuel you require. A high-performance vehicle will require higher-octane premium gas that could affect your monthly budget. But, you can still save on gas by comparing the best deals before taking a fill-up at the pump. Registration, fees, taxes If you purchase a car there are always fees that are added once you are ready to take the final step of signing the agreement. The main three are the vehicle registration fee, taxes for documentation, along with sales tax. The registration fee varies by state. In some states, registration fees are lower than $100 per year however, other states cost closer to $200. The cost of registration can be affected by the cost, age and weight of your vehicle. The documentation fee covers the documentation that is required when you purchase a brand new car. Many dealerships use this as a way to get extra money. Certain states have a documentation fee of between $100 and $200, however most states do not restrict the use of documentation fees. Check your state's rules ahead of time to be ready to negotiate if the number is too steep. Sales tax also varies depending on the state. The residents of California are able to expect a maximum 10.25 per cent tax rate on their car, and buyers in Michigan can expect taxes to be as low as 6 percent. A calculator for car tax rates can help you avoid surprises when signing the contract. Depreciation Your is the amount that it decreases in value over time. It shows the difference between the value of your vehicle now compared to when you first purchased it. It's an important factor because you could be losing money if you own a vehicle with an extremely high rate of depreciation. It can assist you in determining the amount of depreciation that a vehicle could incur over the course of five years because some vehicles depreciate faster than others. The general rule is that new cars are more expensive to replace than used ones. What can you do to reduce your vehicle costs Along with researching before you sign a contract there are numerous everyday ways to reduce your vehicle costs when you own the vehicle: Don't drive too fast: Speeding, rapid acceleration and sudden braking can all reduce your vehicle's fuel efficiency. Limiting your speed to the limitor a little less than -- will help you reduce your gas bill at the pump. Select a reliable mechanic Shop around with a few mechanics and read online reviews before settling on one. A relationship with a reputable mechanic will guarantee fair prices. Maintain your car according to the schedule: It's tempting to skip routine maintenance and service visits however following the manufacturer's suggested schedule will prevent your car from crashing. Additionally, you could save money on repairs. Consider a defensive driving class: Many insurance companies offer discounts to drivers who complete online defensive driving courses. Don't overdo the air conditioning by using the air conditioning when it's not required could significantly impact the fuel economy. When it's possible you can roll the windows down instead of cranking up the temperature. Find out about auto insurance Certain providers provide lower rates for auto insurance than other providers. So, take the time to research and search for the option best suited to your needs. Plan your routes: Mapping your routes out in advance reduces unnecessary trips and reduces the cost of fuel. Earn gas loyalty rewards Utilize loyalty reward programs offered through specific credit card issuers and gas stations. Experts recommend that you spend less then 10-15 percent of monthly salary on a car loan. You must also factor in maintenance costs for the car, which should not be 7 percent or more, bringing the total to between 17 to 21 percent of pay. How can you save money the cost of your vehicle loan Shopping around to find that will help you minimize expenses associated with owning a car. Before you begin the search, you should check your score on credit to find out where you stand because lenders use it to determine the rate they will offer you. If your credit score isn't to standards, obtain an account of your credit report from the three largest credit bureaus including Experian, TransUnion and Equifax Review the information. Make a dispute if you notice errors and identify the areas of your credit report that you must work on that may affect your credit score down. If your score isn't quite up to par and you require a car loan now, is also a potential option. After that, you should seek out rate quotes to determine the best rates on financing. Many lenders let you online without impacting your credit score. Additionally, you can also utilize these rate quotes to help you are negotiating a price for a purchase at the dealership. If you're ready to apply for a loan, select the lender with the conditions to conclude the transaction. Remember of the fact that, the more long the loan term, the more cost of interest you'll be paying even if you make a more affordable monthly payment. The end result is that car maintenance costs, insurance and additional fees could put you in a difficult financial spot if you're not prepared for them. Plan ahead and review your budget to ensure you can afford the vehicle you're buying. Make sure you do your research before applying for an loan to secure the most affordable rate on financing. Learn more


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Written by

Allison Martin's work began over 10 years ago as a digital content strategist, and she's since been featured in a variety of top financial publications including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances by providing concise, well-researched, and clear information that breaks down otherwise complicated topics into bite-sized pieces.






Auto loans editor




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